Netflix cuts around 300 jobs after losing subscribers

1 week ago 10

Netflix is cutting astir 300 jobs contiguous arsenic portion of a 2nd circular of layoffs. The institution antecedently laid disconnected astir 150 employees and dozens of contractors successful May.

The layoffs interaction “many antithetic teams” and mostly workers successful the US, though planetary roles are being chopped arsenic well, Netflix spokesperson Bao Nguyen said successful a connection to The Verge. Variety archetypal reported connected the occupation cuts.

“Today we sadly fto spell of astir 300 employees,” Nguyen said. “While we proceed to put importantly successful the business, we made these adjustments truthful that our costs are increasing successful enactment with our slower gross growth.”

It’s the latest circular of occupation cuts aft Netflix’s unsmooth Q1 net report, wherever it announced that gross maturation was slowing and that it mislaid subscribers for the archetypal clip successful implicit a decade.

Nguyen declined to remark connected whether Netflix plans further layoffs successful the adjacent term. But co-CEOs Reed Hastings and Ted Sarandos told unit that “we program to instrumentality to a much mean people of concern going forward” successful an email obtained by The Hollywood Reporter.

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